SOE

Non-SOE

ALL

intensity

intensity

intensity

DA

−0.0002^**

−0.0002^**

0.0001

(−2.26)

(−2.46)

(0.77)

ROA

−0.0005^***

−0.0010^***

−0.0005^***

(−2.72)

(−6.34)

(−4.41)

Grow

0.0000

0.0000

0.0000

(1.49)

(1.61)

(1.26)

Lnsale

−0.0020

−0.0048^***

−0.0187^***

(−0.47)

(−3.22)

(−14.17)

collateral

0.0666

−0.0024

0.0114

(1.36)

(−0.33)

(1.50)

shield

0.6384

0.5316^*

0.2415

(0.53)

(1.76)

(1.03)

DA*D_SOE

−0.0002*

(−1.90)

D_SOE

0.0000

(.)

_cons

0.0723

0.1582^***

0.4308***

(0.92)

(5.24)

(15.91)

N

2156

5173

7329